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Commodities Briefing - Categorized | Bullion/Gold, Commentaries, Price Watch more

Gold breaches $1,590 after Weidmann says “Eurozone crisis not over”

Posted on 13 March 2013

After trading sideways for several sessions, gold bullion jumped above $1,590 an ounce for the first time this month Tuesday morning in London, in what analysts called a “technical” move after gold broke through a key level following remarks from Bundesbank President Jens Weidmann.
“We see support at the bottom of the sideways range at $1,561 and resistance at the top at $1,586,” said a technical analysis note from Scotiabank. Gold rose above that level however shortly after Weidmann told reporters that the Eurozone crisis “is not over” and said that the Eurozone has “declining inflation risks”………………………………………..Full Article: Source


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